The global financial deadlock at COP29 must be confronted

As the world teeters on the brink of a climate catastrophe, the stakes at COP29 have never been higher and leaders must reckon with the urgency of implementing tangible action.

For decades, international climate conferences have been long on rhetoric and short on meaningful action.

The current negotiations in Baku have highlighted a stark divide between developing nations and emerging economies requiring $1.3 trillion annually in climate financing while wealthy countries struggle to meet even a fraction of the $100 billion per year commitment they made 15 years ago.

The political landscape at present adds another layer of complexity to this. Amid Donald Trump’s return to power – the US president notorious for favouring fossil fuel expansion – the future is significantly more uncertain.

Experts like Dr Arunabha Ghosh from the Council on Energy, Environment and Water (CEEW) has emphasised that COP29 must be about genuine accountability, not just empty promises.

‘The climate COPs are about raising ambition, enabling action and, most importantly, holding everyone accountable,’ he said.

‘While COP28 resulted in many promises, it let developed countries off the hook. COP29 must be about accountability.’

Climate change is an economic disaster that’s unfolding in real time. Developing nations, particularly in Africa, are demanding not only financial support, but a lifeline.

Ali Mohamed, Kenya’s Climate Change Envoy, has drawn attention to this, articulating the critical need for financing that doesn’t deepen existing debt burdens and simultaneously supports sectors such as agriculture, water, health, and infrastructure.